Inheritance

K8reyn

I am soon to receive approximately £30,000 of inheritance. I would really appreciate some advice on where best to put the money so to maximise the interest/investment.

atush

WE dont know enough about you.

Do you have an debts? Do you currently hve savings? A pension?

In general you start with paying off non mtg expensive debt. Then move on to an emergency cash fund. Then you invest the rest in pensions, S&S isas or both.

K8reyn

Thank you
This is the amount after paying off debts. I have no mortgage, no savings and I rent privately.

atush

Do you intend to buy ever? Do you have a pension? Are you employed or on benefits?

I would save in cash, 3-6 months outgoings. then invest the rest.

K8reyn

That's really helpful, thank you.
I am married with three children under 14, part-time employed and studying a degree with a view to a full-time teaching career in 2 years, where we will want to start thinking about buying. We do not receive benefits.

xylophone

Are you/spouse under 40?

If so, have you considered a LISA each?

https://www.moneysavingexpert.com/savings/lifetime-isas/

Have you or your spouse ever had a Nationwide Flexdirect current account?

If not, you could open a sole each and a joint and earn 5% on a total £7,500 for a year.

You could each open a Flex Regular Monthly Saver @ 5%.

You could open a sole and a joint TSB Classic Plus current account and earn 5% on a total £4500. You would set to paperless.

You would set up a mid month same day SO for £1000 from joint TSB to joint NW and from joint NW to joint TSB.

Similarly with sole accounts.

You would pick up the monthly interest and move to an interest bearing account.

Savings rates here

https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html